VOT Research Desk
From a high-time frame viewpoint, the price of bitcoin is well-positioned to start another bear market rally.
This trend increases the likelihood that 2022 will end well when coupled with the upbeat forecast revealed in on-chain data.
On the three-day chart for the price of bitcoin, a falling wedge formation is visible that is connected by trend lines to two lower highs and three lower lows.
As long as BTC stays around $16,500, the third retest of the lower trend line is still a possibility.
The optimistic prognosis will be invalidated, however, if Bitcoin price does not respond to the bullish signals and creates a three-day or weekly candlestick close below the $15,550 support level.
This event will result in a lower low, terrifying investors and setting off a selling frenzy.
Investors should anticipate that the price of bitcoin will return to the support range, which runs from $13,575 to $11,898.
